HFF Secures $75M Refi for Rhode Island Mall
- Nov 17, 2017
A joint venture between Bliss Properties, Mark T. Brennan & Co. and the Lane Family Trust has secured $75 million refinancing for Warwick Mall in Warwick, R.I.
Located at 400 Bald Hill Road at the intersection of interstates 95 and 295, the mall offers convenient access and is 10 miles south of downtown Providence. Originally developed in the 1970s, the 978,659-square-foot Warwick Mall was renovated in 2011 and is currently leased to 86 tenants including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney. The mall also features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces on the 70-acre site.
The HFF debt placement team of Senior Director Jennifer Keller and Associate Andrew Gray represented the borrower in arranging a 10-year, fixed-rate loan through Bank of America. “The Warwick Mall continues to demonstrate exceptional performance as a result of its strong tenancy, strategic location and attentive management team,” said Keller, in prepared remarks. “This financing strengthened a long-standing relationship with Bank of America and was an ideal long term strategy for the generational ownership team.”
Last month, HFF also partnered with Bank of America to secure a 10-year CMBS loan for Distinctive Hospitality Group’s refinancing of a three-property Boston hotel portfolio.
Image courtesy of HFF